Union Minister for Road, Transport and Highways, Nitin Gadkari on Thursday said that India is the fastest growing economy in the world while underscoring the need to develop industries and trade for the growth of the country.
GST council is likely to give clarity on whether tax collected at source (TCS) should be deducted by the buyer or the e-commerce platform
An official spokesperson said Punjab's GST revenue receipts in September 2021 stood at Rs 1316.51 Crore against Rs 1055.24 Crore for the same period the previous year (September 2020).
The constant increase in the collection in recent months indicates the fact that the economy is recovering at a fast pace in the State. The economic activities had borne the brunt due to the COVID-19 situation last year. The State is on the path of economic revival and the increasing GST collection is a clear indicator of it.
Mitra, who demanded for a full tax waiver on Covid-related medical supplies, said his demand for zero GST rate or a token 0.1 per cent would have enabled tax reduction to consumers as well as availability of tax credits to producers was ignored.
This is far removed from the promised uncomplicated, ‘one nation; one tax’ that the GST was supposed to be, with expectations of a single rate across all goods and services, ideally under 15 per cent, lowering costs for payer and administrator.
While stating this on Tuesday, the excise and taxation minister, Abhimanyu said that the per capita GST Collection from the state stands at Rs 21,745 whereas national per capita GST collection is Rs 9,370.
Bhagat's latest non-fiction book "India Positive" comprises essays examining a gamut of subjects such as education, employment, Goods and Services Tax (GST), corruption and casteism.
In pre GST era the States had multiple laws which entitled them to impose taxation at different points. The States were scared of the fear of the unknown but the Central Govt. persuaded States with a 14% annual increase from the tax base of 2015-16 for a period of five years, said Jaitley.
The deadline for implementation of the new system for small taxpayers is January 1, 2020, whereas, for big taxpayers above Rs. 5 crores, it is October 1, 2019, he said, adding the prototype of the filing system will be made available Monday.
